Western Magnesium Corp V.WMG.H

financing

[cabz]

 

Western Magnesium arranges $7-million private placement

 

2020-09-10 13:45 ET - News Release

 

Mr. David Melles reports

WESTERN MAGNESIUM ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Western Magnesium Corp. intends to raise up to $7-million by way of a non-brokered private placement of units of the company at a price of 13 cents per unit.

The offering

The maximum offering is for gross proceeds of up to $7-million. Each unit will consist of one common share in the capital of Western Magnesium and one common share purchase warrant. Each warrant will be exercisable into one common share for a period of one year at a price of 19 cents per share.

The completion of the private placement and payment of any commission and fees remains subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

The securities issued will be subject to a statutory hold period in Canada for a period of four months and one day from the closing date. The securities have not been registered with the Securities and Exchange Commission and are also subject to a statutory one-year hold period in compliance with Regulation S of the Securities Act of 1933 as amended. The Regulation S hold period supersedes the TSX-V hold period. Proceeds of the private placement will be used for working capital and to complete the company's commercialized pilot plant.

About Western Magnesium Corp.

Western Magnesium's goal is to be a low-cost producer of green, primary magnesium metal, a strategic commodity prized for its strength and light weight. Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labour and energy costs relative to current methods and processes, while being environmentally friendly.

We seek Safe Harbor.

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